The Royal Monetary Authority of Bhutan (RMA) would like to inform the business entities, agencies and the general public on the following change made in the Bhutan TradeFin Net System (BTFN). The change will be implemented w.e.f July 17, 2024.

1.      Import from India: All types of importers don’t have to enter the items in the system henceforth while applying for import registration to import from India.

Further, this is also to inform and remind all importers to make sure that equivalent goods are arrived into the country within 180 days from the date of release of all payments from the banks (RTGS/SWIFT) in Bhutan.

Similarly, exporters are also mandated to receive equivalent foreign currency for their exports within 180-days from the date of release of goods from the country. Exporters are required to visit banks to credit their account once export proceeds are received from respective foreign counterparts.

Any violations of these provisions will be dealt as per the rules and regulations of the Royal Monetary Authority of Bhutan.

The BTFN and eCMS systems are integrated and all records of exporters and importers will be validated. As such, all are requested to use the system diligently and responsibly to avoid inconveniences at your end. Please note, if there is any inconsistency between BTFN and eCMS records, you will have to go through additional process.

To declare your goods at the custom points when importing from India or third countries, following process must be completed first in the BTFN system.

1.      You must apply for import registration if importing goods from India, import license if importing from third countries.

2.      You must apply for export registration if exporting to India, certificate of origin(Coo) if exporting to third countries.

3.      You must apply for bank application to your preferred banks in Bhutan for RTGS/SWIFT

If any of the above requirements are missing when declaring your goods at the custom points, your declaration will be disrupted and delayed.